Gulf International Bank UK Ltd Cuts Stake in Cigna Group (NYSE:CI)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Cigna Group by 27.4%, bringing its ownership to 15,853 shares, valued at approximately $5.2 million.
• Cigna Group reported quarterly earnings of $7.20 per share, exceeding analysts' expectations, with a revenue of $67.13 billion, a significant increase of 11.0% year-over-year.
• The company announced a quarterly dividend of $1.51 per share, with a yield of 2.2%, set to be paid on September 18th to investors of record.

Gulf International Bank UK Ltd cut its stake in Cigna Group (NYSE:CI - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,853 shares of the health services provider's stock after selling 5,997 shares during the quarter. Gulf International Bank UK Ltd's holdings in Cigna Group were worth $5,215,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Family Legacy Inc. lifted its stake in Cigna Group by 0.5% during the first quarter. Family Legacy Inc. now owns 6,497 shares of the health services provider's stock worth $2,138,000 after purchasing an additional 31 shares during the last quarter. Impact Investors Inc increased its holdings in shares of Cigna Group by 1.6% in the first quarter. Impact Investors Inc now owns 1,975 shares of the health services provider's stock worth $650,000 after buying an additional 31 shares during the period. Mission Wealth Management LP raised its position in Cigna Group by 1.5% during the 1st quarter. Mission Wealth Management LP now owns 2,101 shares of the health services provider's stock valued at $691,000 after purchasing an additional 32 shares during the last quarter. Westend Capital Management LLC raised its position in Cigna Group by 8.1% during the 1st quarter. Westend Capital Management LLC now owns 427 shares of the health services provider's stock valued at $140,000 after purchasing an additional 32 shares during the last quarter. Finally, Moody National Bank Trust Division raised its position in Cigna Group by 0.7% during the 1st quarter. Moody National Bank Trust Division now owns 4,587 shares of the health services provider's stock valued at $1,509,000 after purchasing an additional 34 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Cowen reissued a "buy" rating on shares of Cigna Group in a research report on Monday, May 5th. Robert W. Baird set a $372.00 target price on Cigna Group in a research report on Thursday. Guggenheim reissued a "buy" rating and issued a $350.00 target price (down previously from $388.00) on shares of Cigna Group in a research report on Monday, August 4th. Deutsche Bank Aktiengesellschaft set a $415.00 target price on Cigna Group and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Finally, Barclays decreased their target price on Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $378.33.

Cigna Group Stock Performance

NYSE CI traded up $6.67 on Friday, reaching $297.02. 2,918,002 shares of the company's stock traded hands, compared to its average volume of 2,115,989. The firm has a market cap of $79.28 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 0.87 and a beta of 0.47. The stock has a 50 day moving average price of $302.03 and a 200-day moving average price of $311.13. Cigna Group has a fifty-two week low of $256.89 and a fifty-two week high of $370.83. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.71 and a current ratio of 0.71.

Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 earnings per share for the quarter, topping analysts' consensus estimates of $7.15 by $0.05. The business had revenue of $67.13 billion during the quarter, compared to the consensus estimate of $62.61 billion. Cigna Group had a net margin of 1.92% and a return on equity of 18.80%. The company's revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.72 earnings per share. Equities research analysts predict that Cigna Group will post 29.77 EPS for the current fiscal year.

Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be given a $1.51 dividend. The ex-dividend date is Thursday, September 4th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.0%. Cigna Group's dividend payout ratio is 32.97%.

Cigna Group Company Profile

The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. Its Evernorth Health Services segment provides a range of coordinated and point solution health services, including pharmacy benefits, home delivery pharmacy, specialty pharmacy, distribution, and care delivery and management solutions to health plans, employers, government organizations, and health care providers.